72 FR 147 pg. 41891 - Built-in Gains and Losses Under Section 382(h); Correction
Type: RULEVolume: 72Number: 147Page: 41891
Docket number: [TD 9330]
FR document: [FR Doc. E7-14797 Filed 7-31-07; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9330]
RIN 1545-BG66
Built-in Gains and Losses Under Section 382(h); Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correcting amendments.
SUMMARY:
This document contains corrections to temporary regulations (TD 9330) that were published in the Federal Register on Thursday, June 14, 2007 (72 FR 32792) applying to corporations that have undergone ownership changes within the meaning of section 382. These regulations provide guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h).
DATES:
These corrections are effective August 1, 2007.
FOR FURTHER INFORMATION CONTACT:
Keith Stanley at (202) 622-7750 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations that are the subject of this document are under section 382 of the Internal Revenue Code.
Need for Correction
As published, temporary regulations (TD 9330) contain errors that may prove to be misleading and are in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
PART 1-INCOME TAXES
Paragraph 1 . The authority citation for part 1 continues to read in part as follows:
Authority:
26 U.S.C. 7805 * * *
Par. 2 . Section 1.382-7T is amended by revising paragraph (b)(2) to read as follows:
§ 1.382-7T Built-in gains and losses (temporary).
(b) * * *
(2) The applicability of this section expires on June 14, 2010.
Par. 3 . The signature block is revised by adding the language "Approved: June 4, 2007."
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-14797 Filed 7-31-07; 8:45 am]
BILLING CODE 4830-01-P